Skillz Soars in Trading Debut as Investors Bet on Mobile Esports
January 8, 2021Skillz Inc. shares jumped in its trading debut as investors embraced a business billing itself as the first publicly traded mobile esports company.
The stock climbed 29% to $22.73 on Thursday following a deal with a special-purpose acquisition company, or SPAC, that allowed it to go public.
Skillz lets 2.7 million players a month compete with others on their mobile phones for points or prizes in games such as Solitaire Cube and Blackout Bingo. The mobile tournaments provider runs about 1,700 tournaments a second, Chief Executive Officer Andrew Paradise said in an interview.
“If you think about Skillz, we are the only meaningful endeavor in mobile esports in the world,” he said. “If you are looking for exposure in mobile esports, Skillz is really the best investment that you can find.”
Categorized in: Esports News